Interior Access (continued)

If interior access cannot be gained, despite requesting assistance from the lender/servicer/holder, the appraiser

·   must document the appraisal report, or its addendum, with the dates, names and telephone numbers of all individuals contacted in attempting to gain access to the property and a brief description of the responses received

·   must make reasonable efforts to verify the interior conditions by the best available means (such as, through a listing service data source, property assessment records, interviews with neighbors or others knowledgeable about the property)

·   in the absence of factual information, must make reasonable assumptions about interior conditions as they relate to physical inadequacies or needed repairs (both VA Minimum Property Requirement-related and cosmetic) that impact value, and

·   may alter certification item 8 on the Uniform Residential Appraisal Report to reflect the fact that he/she was either denied entry or otherwise unable to gain access to the property.

Origination and Liquidation Similarities

Except as noted below, liquidation appraisal requirements are the same as the origination appraisal requirements outlined in this Chapter.

Approach to Liquidation Value

Liquidation appraisals must be market value appraisals (that is, the price the property can command if exposed for sale in the open market, allowing a reasonable time to find a purchaser).  A liquidation appraisal is not an appraisal of value under forced sale or foreclosure conditions.

The fee appraiser’s value estimate for all liquidation appraisals will be for the subject property in its “as is” condition.